HONG KONG: Department store operator Wing On Company International (00289) said profit fell to HK$1.27 billion for 2014, representing a decline of 2.9 percent compared with HK$1.31 billion in 2013.
Turnover increased by 1.9 percent to HK$1.96 billion compared with HK$1.92 billion in 2013.
Turnover at its Wing On Department Stores inched up by 2.1 percent to HK$1.52 billion compared with HK$1.49 billion in 2013.
The Tai Koo Shing store will shut down in August.
Earnings were lower “mainly to the decrease in the valuation gains on investment properties by HK$429.8 million to HK$350.3 million, the company said.
It was offset by the group’s share of the exceptional gain from associate DCH Auto Group (USA) Limited of HK$373.9 million following the disposal of its entire interest in a subsidiary engaged in automobile dealerships in the United States.
Underlying profit increased by 77 percent to HK$996.7 million mainly due to the gan from the associate.
Earnings per share were 431.6 HK cents per share in 2014.
